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Delaware Must Embrace Creative Office Mania

The creative office space craze has dominated the office landscape in recent years and Delaware is ready to get on board, CBRE SVP John Kaczowka tells us. That's why we're excited to host Bisnow's Future of Delaware Real Estate on June 18 at the Chase Center on the Waterfront in Wilmington starting at 7:30am.

Delaware Must Embrace Creative Office Mania

The reason for the rise of creative space is straightforward: Tenants are seeking properties that will help them to attract and retain employees, and that's accomplished in part with a safe working environment that offers flexibility and amenities (fitness center, cafe, and so on). Open layouts continue to be the preferred design, according to John, who will be speaking at the event. Employers see space as a way to encourage collaboration, which helps increase productivity.

Delaware Must Embrace Creative Office Mania

But live/work/play doesn't have much appeal unless employers can offer options for living and playing within a short distance from the office. (Market Street downtown has a Walk Score of 95, for example: Walker's Paradise). "No matter what city you visit, these concepts are in the forefront when companies consider their office requirements," John says. He also stresses that it's important for Delaware to be competitive (with economic incentives or tax advantages) and to offer a pool of well-trained employees to attract companies.

Delaware Must Embrace Creative Office Mania

Harvey, Hanna & Associates COO Thomas Hanna, who will also be a speaker, tells us that Delaware has a history of game-changing economic development (he's snapped with son Sam at the recent annual 5K for the KIDS Fund, a nonprofit he founded to support Kids In Distressed Situations). In 1981, Thomas recalls, the state put into effect the Financial Center Development Act, which was designed to attract two major New York banks to relocate in Delaware. That legislation ultimately helped to attract in excess of 30 banks to Delaware (Wilmington, specifically), and it stimulated the creation of over 30,000 new jobs.

Delaware Must Embrace Creative Office Mania

That was game-changing legislation, and Delaware thrived as a result, Thomas notes. "However, that was almost 35 years ago, and other states have long since caught up with this innovative approach to economic development," he says. Delaware hasn't had an initiative like it since. One possibility now is an initiative by a major university or a tech company to establish a legitimate campus in Wilmington. Come hear more about Delaware real estate from our expert speakers at the Future of Delaware Real Estate on June 18 at the Chase Center on the Waterfront in Wilmington starting at 7:30am. (Sign up here.)